Business Segment Information

9 Months Ended

Sep. 30, 2019

The Company’s operations are principally managed based upon the products that are produced and are comprised of three operating segments, which are the same as the Company’s reportable segments: Advanced Plastic Processing Technologies, Melt Delivery and Control Systems, and Fluid Technologies. The factors for determining the Company’s reportable segments include the manner in which management evaluates performance combined with the nature of the individual business activities. The Company evaluates the performance of its segments based on net sales and operating earnings. Operating earnings includes net sales to third parties, related cost of sales and operating expenses directly attributable to the segments. Operating earnings for each segment excludes items that are of a non-operating nature or are of a corporate or functional governance nature. Costs excluded from segment operating earnings include interest expense, income taxes and various corporate expenses such as transaction costs associated with the acquisition of certain businesses, stock-based compensation expense and other separately managed general and administrative costs. The effects of intersegment transactions have been eliminated.

The following table summarizes total assets by segment:



	September 30, 2019		December 31, 2018
	(in millions)
Advanced Plastic Processing Technologies	$	435.3	$	482.3
Melt Delivery and Control Systems	998.9		1,030.6
Fluid Technologies	149.5		145.3
Corporate	59.9		74.3
Total assets	$	1,643.6	$	1,732.5

The following table summarizes long-lived assets, net by segment:



	September 30, 2019		December 31, 2018
	(in millions)
Advanced Plastic Processing Technologies	$	98.6	$	82.1
Melt Delivery and Control Systems	113.1		109.6
Fluid Technologies	22.6		17.7
Corporate	6.7		6.3
Total long-lived assets, net	$	241.0	$	215.7

The following tables summarize segment information:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(in millions)
Net sales to external customers:
Advanced Plastic Processing Technologies	$	121.5	$	141.4	$	378.8	$	427.6
Melt Delivery and Control Systems	98.9		108.8		302.8		349.4
Fluid Technologies	29.9		32.6		88.8		98.2
Total net sales to external customers	$	250.3	$	282.8	$	770.4	$	875.2



	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
	(in millions)
Operating earnings (loss):
Advanced Plastic Processing Technologies	$	9.3		$	11.6		$	34.9		$	25.4
Melt Delivery and Control Systems	16.6			25.4			55.0			82.4
Fluid Technologies	5.9			6.1			16.9			18.5
Corporate	(12.5		)	(11.2		)	(37.8		)	(35.5		)
Total operating earnings	$	19.3		$	31.9		$	69.0		$	90.8
Capital expenditures:
Advanced Plastic Processing Technologies	$	3.9		$	4.1		$	14.1		$	9.2
Melt Delivery and Control Systems	1.8			3.9			15.0			12.7
Fluid Technologies	0.5			0.8			2.0			1.7
Corporate	0.3			0.4			0.3			1.4
Total capital expenditures	$	6.5		$	9.2		$	31.4		$	25.0
Depreciation and amortization:
Advanced Plastic Processing Technologies	$	2.7		$	3.0		$	8.2		$	9.9
Melt Delivery and Control Systems	7.8			7.9			23.4			24.8
Fluid Technologies	0.7			1.1			2.5			3.3
Corporate	0.4			0.4			1.2			1.0
Total depreciation and amortization	$	11.6		$	12.4		$	35.3		$	39.0

The following tables summarize net sales to external customers and long-lived assets, net by country:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(in millions)
Net sales to external customers:
United States	$	109.7	$	123.5	$	340.9	$	354.8
China	27.6		36.2		81.1		124.3
India	28.3		29.3		95.2		96.7
Rest of World	84.7		93.8		253.2		299.4
Total net sales to external customers	$	250.3	$	282.8	$	770.4	$	875.2



	September 30, 2019		December 31, 2018
	(in millions)
Long-lived assets, net:
United States	$	75.0	$	63.3
China	49.5		48.4
India	42.1		37.9
Czech Republic	17.2		18.7
Canada	26.6		29.0
Rest of World	30.6		18.4
Total long-lived assets, net	$	241.0	$	215.7